花旗：Alphabet第四财季业绩胜预期，维持“买入”评级

Core Insights - Alphabet's Q4 performance exceeded expectations, driven by growth in search and cloud services revenue [1] Financial Performance - Total revenue reached $114 billion, representing a 17% year-over-year increase after excluding currency effects, surpassing market expectations by approximately 2% [1] - Operating profit was $36 billion with a profit margin of 31.6%, slightly below market expectations by about 2.5% due to increased losses in other business segments, potentially related to Waymo expenditures [1] - Earnings per share were $2.82, exceeding the market forecast of $2.63 [1] Future Outlook - Alphabet anticipates capital expenditures for 2026 to be in the range of $175 billion to $185 billion, higher than the previous estimate of $129 billion [1] - Citi maintains a "buy" rating on the stock with a target price of $350 [1]